Crypto Market Falls Below $1 Trillion as Bitcoin, Ethereum

Following a week of gains across much of the cryptocurrency market, prices are sinking again—and the overall market cap has slipped below $1 trillion for the first time in several days as Ethereum, Bitcoin, and other top coins lose some of their recent gains.

As of this writing, the overall cryptocurrency market is worth $994 billion based on the combined value of all coins tracked by CoinGecko, a popular crypto price tracker. It’s down nearly 6% on the day, marking the first drop below the $1 trillion mark since July 17.

It’s a stark reversal from last week, when Ethereum was the largest gainer among top coins, apparently due in part to increasing certainty over the timing of the “merge,” an upgrade that is expected to reduce transaction costs for network users and potentially decrease the available supply of ETH.

Ethereum has now shed 13% of its value over the last seven days.